Shared Flashcard Set

Details

vocab chapter 7 part 2
vocabulary on taxes
17
Finance
Not Applicable
03/25/2016

Additional Finance Flashcards

 


 

Cards

Term
Cafeteria Plan
Definition
A government sponsored account that allows employees to contribute a certain amount of their pre-taxed gross income to a designated account for the payment of certain medical, childcare, or parental care
Term
Dependent
Definition
A person reported on a tax payers income tax form that a tax payer supports financially
Term
Exemption
Definition
Exemptions include dependents as well the tax payer. This Information included on tax forms that lowers taxes.
Term
Flat Tax
Definition
A tax that is the same percentage or rate for everyone.
Term
Flexible Spending Account (FSA)
Definition
An employee sponsored special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money
Term
Form 1040
Definition
A tax form used by people that have other types of income such as royalties, alimony, or prizes; also known as the long form.
Term
Form 1040 EZ
Definition
A short form that taxpayers can use to report their earnings and pay their taxes. this form has certain requirements.
Term
Form 1099
Definition
A form used to report other income made from interest on bank accounts, interest from stocks and royalties
Term
Form W-2
Definition
A form used to report the withholding date given to employees to compute federal, state, and local taxes. Submitted with tax forms.
Term
Form W-4
Definition
A form that is filled out by a new employee that gives directions to the government on how much money in taxes to deduct from the employee’s pay.
Term
Gross Pay
Definition
The total pay , which is the sum of an employee’s hourly pay and overtime pay
Term
Head of Household
Definition
Head of Household is a filing status for single or unmarried taxpayers who keep up a home for a Qualifying Person. The Head of Household filing status has some important tax advantages over the Single filing status.
Term
Income Tax
Definition
tax levied by a government directly on income, especially an annual tax on personal
Term
Itemize
Definition
When deductions are listed on an income tax form
Term
Married Filing Jointly
Definition
Married people file together in order to realize more deductions
Term
Medicare Tax
Definition
Tax that is taken out of your paycheck for Medicare.
Term
Maximum Taxable Income
Definition
Income that is used to calculate total deductions such as Social Security and Medicare
Supporting users have an ad free experience!